DAILY NEWS

Daily News – 19th February 2019

Singapore Real Estate

Genting Road industrial building for sale at S$15.9m
A freehold industrial development located at 14 Genting Road has been launched for sale at an indicative asking price of S$15.9 million. This works out to a land rate of S$938.44 per square foot (psf). The five-storey building houses production areas on the first to third levels, and secondary workers’ dormitories on the fourth and fifth floors, which comprise a total of 68 beds. The property sits on a site area of 5,758 sq ft, with a gross floor area of 16,943 sq ft.
https://www.businesstimes.com.sg/real-estate/genting-road-industrial-building-for-sale-at-s159m

Singapore Economy

Singapore Budget doubles down on restructuring
Singapore is doubling down on its economic restructuring push, with Budget 2019 bringing new and extended schemes to help firms and workers – as well as tighter foreign manpower policy for the services sector. Economic transformation was one of the long-term imperatives flagged by Finance Minister Heng Swee Keat in his Budget speech on Monday, alongside concerns such as defence and security, and climate change.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2019/singapore-budget-doubles-down-on-restructuring
https://www.businesstimes.com.sg/infographics/singapore-budget-2019/steering-through-changing-tides
https://www.businesstimes.com.sg/government-economy/singapore-budget-2019/fiscal-planning-matching-funding-with-project-type
https://www.straitstimes.com/singapore/61b-merdeka-package-unveiled
https://www.straitstimes.com/business/service-sector-firms-will-have-to-lower-foreign-worker-ratio
https://www.straitstimes.com/politics/overall-budget-surplus-of-21-billion-for-fy2018

Companies’ Brief

Frasers Property to buy 17.8% stake in PGIM Real Estate for S$356.4m
Frasers Property has entered into an agreement to acquire a 17.8 per cent stake in PGIM Real Estate Asia Retail Fund Ltd (PGIM Real Estate) for S$356.4 million – subject to determination of the dividend amount payable in respect of the sale shares for Q4 2018. In a regulatory filing on Monday, Frasers Property said its subsidiary, Frasers Property Crystal, has signed a deal with a shareholder of PGIM Real Estate to purchase some 94,013 shares, representing a 17.8265 per cent stake in the company.
https://www.businesstimes.com.sg/real-estate/frasers-property-to-buy-178-stake-in-pgim-real-estate-for-s3564m
https://www.straitstimes.com/business/companies-markets/frasers-property-buying-178-stake-in-spore-retail-mall-fund-for-356m

Koh Teck Chuan joins Frasers Hospitality as CEO
Koh Teck Chuan, formerly chief executive at Hongkong Land subsidiary MCL Land, has been appointed chief executive of Frasers Hospitality, which is part of Frasers Property. The 59-year-old’s appointment is effective from Feb 19.
https://www.businesstimes.com.sg/real-estate/koh-teck-chuan-joins-frasers-hospitality-as-ceo

DBS housing loans business takes harder hit from cooling measures
DBS Bank’s housing loans business was hit by cooling measures as mortgage growth came in shy of S$2 billion for 2018, even less than what the bank had expected after two rounds of shaving its forecasts earlier on. Now, the bank expects about S$1.5 billion to S$2 billion in mortgage growth for 2019.
https://www.businesstimes.com.sg/companies-markets/dbs-housing-loans-business-takes-harder-hit-from-cooling-measures